Our former portfolio company HCM was nominated for the "Exit of the Year in Asia" category. Although HCM was ended with the runner-up position, we feel very humbled and honored that the co-working value creation efforts made by the management team and J-STAR were evaluated fairly by an industry leaders.

In 2014, we exited from three of our investments, Burn Holdings, Kaze to Daichi, and HCM. Also, we made two new investments for Kugami Seiki and Nurse Call.

We are grateful to those who supported us and voted for us. We continue to focus on creating value for the Japanese small to medium size companies applying our "Solution Capital concept" not only in Japan but also elsewhere in the world.

We greatly appreciate your continuous support and look forward to building long-term relationship with you.